The UK Pensions Regulator has stepped in for the first time to shape the structure of a European mergers and acquisitions deal.

Ericsson's £1.2bn (€1.7bn) cash purchase of most of the assets of Marconi, announced today, carries a special provision to ensure that Marconi's UK pension scheme gets £185m immediately and creates a £490m escrow account which can be used to keep the scheme out of deficit.